Sunday 25 September 2022
 
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Dubai's Salik ups IPO size by 24.9% on strong investor demand

DUBAI, 8 days ago

Salik Company has announced that it has increased the number of shares offered in its Initial Public Offering (IPO) from 1,500,000,000 ordinary shares to 1,867,500,000 ordinary shares, on strong investor demand.
 
This would result in an increase in the offer size from 20% to 24.9% of Salik’s share capital, with the Dubai government continuing to own 75.1% of Salik’s existing share capital, reported Wam.
 
Salik has also received approval from the Securities and Commodities Authority (SCA) to allocate the increase of the offer size to the respective tranches as follows: the first and third tranches (in aggregate) will increase from 120,000,000 to 145,725,000 ordinary shares (or 7.8% of offer size), whilst the second tranche (for qualified investors) will increase from 1,380,000,000 to 1,721,775,000 ordinary shares (or 92.2% of the offer size).
 
The new offering size was determined by the selling shareholder, following Salik’s decision to set the offer price at AED2 per ordinary share on September 13, providing investors with a highly attractive value proposition. 
 
The decision also reflected Salik’s prioritisation of supporting aftermarket trading performance post-listing.
 
The subscription period for the Salik IPO remains unchanged. The UAE retail offer will close on September 20 and the qualified investor offering will close the next day, stated the Wam report.
 
Salik is expected to commence trading on the Dubai Financial Market (DFM) on September 29 under the symbol "SALIK" and ISIN AEE01110S227. Its starting market capitalisation is expected to be AED15 billion ($4.1 billion).



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